Pension fraud is on the increased as fraudsters have increased their fraudulent activities across many parts in the world, creating series of vulnerabilities for pensioners, which has resulted in huge sums of pensioner’s money being stolen by fraudsters in various jurisdictions.
Richard Kumadoe, an Expert in Fraud Prevention and Security Consultant was hired to provide solutions, and much credible preventive strategies that mitigates against Pension Fraud Schemes in Ghana, and beyond.
Among the many areas considered and discussed under the topic of Pension Fraud, I emphasised the need for an effective Strategic Collaboration among key stakeholders, which will create a common platform, and facilitate information sharing among same on timely manner.
Providing critical fraud alerts, and warning sign updates, and industry wide support to key institutions and agencies, and respective pensioners becomes easier when there is an effective collaboration effort in place.
I also touched on the unique importance of the interlinking relationship between Pension Administrators, Pension Payers, Custodian Banks, Agencies, Contractors, Third Parties, Regulatory Compliance and Operations institutions.
Cybersecurity, IT Governance and operational best practices, and the need for confidentiality, pensioner education, Fraud Awareness and training of frontline staff also featured predominantly.
I had the opportunity of drumming home the negative effects of Fraud on the health of Pensioners, and insisted, their pension savings (money) should be protected at all cost.
The privilege of interacting with key industry players, policy makers, compliance professionals, IT experts and frontline operations staff made my day.
I will continue to serve humanity, and God to the best of my abilities, and my expertise would always be at the disposal of those who needed it the most.
Source:Mybrytfmonline.com/Richard Kumadoe
